Sensex Tanks 204 Pts, Price Rise Forces Adjourment Of LS, RS For The Second Day; U.S.Senate To Vote On Debt Package

Tuesday, Aug 02, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version U.S. SENATE TO VOTE ON DEBT PACKAGE Congressional leaders voiced confidence that the Senate today will ratify a U.S. debt-limit compromise that will avert a default even as it defers decisions on the nation's finances to a bipartisan panel and may only modestly reduce deficits while slowing economic growth. The House voted 269-161 yesterday to approve the measure, which raises the national debt ceiling enough to fund the government until 2013 and threatens automatic spending cuts to enforce a goal of cutting $2.4 trillion over the next decade. read more LEAD STORIES SENSEX TANKS 204 PTS; REALTY, METALS WEIGH Sensex fell to 18,109.89 points on selling in realty, banking, IT stocks over concerns in domestic growth. Nifty fell 60.25 points to end at 5,456.55. read more DAY 2: PRICE RISE FORCES ADJOURNMENT OF LS, RS Both houses of the Parliament were adjourned for the second day as the Opposition disrupted proceedings and created a ruckus over price rise. read more TOP STORIES • Yeddyurappa challenges Lokayukta report in HC • Centre to plead against SC's ban on Bellary mining • Gold soars to all-time high of Rs 23,690 • Fin Min may raise ECB limit from current $30 bn • RBI tightens rules on derivatives • Former NMCE chief guilty of fraud: FMC • Rakesh Jhunjhunwala mulls selling Aptech stake • Fortis to buy Vietnam hospital chain for $100 mn • Suzlon promoters pledge 36% of their stake • Axis Bank, HDFC flouted rules in IPL dealings: Panel • Govt seeks Rs 35,000 cr extra spending in FY12 • I-T dept "very lenient" to BCCI, says Parl panel • Project delays driving banks' NPAs: Govt • Tata Motors to rejig dealerships to check falling sales • Cognizant overtakes Wipro as third largest exporter • Rs 8,000 cr SAIL FPO put on hold: Chairman • ONGC CMD appointment delayed • Speak Asia fraud at Rs 2,000 cr: Maha govt • Mumbai home sales at 30-mth low, record unsold units • U.S. is 'parasite' on global economy: Vladimir Putin more stories TOP VIDEOS If You Want Property Prices To Come Down Then You Have To Increase Supply, Which Is Not Happening: Keki Mistry, VC & CEO, HDFC We Are Getting Into A Soft Patch Which Could Extend Beyond The Present Year: Shankar Acharya, Member, ICRIER < /td> Banks And Global Economy Seem To Be On A Weaker Footing Than A Week Ago: Arjuna Mahendran, MD & Head Investment Strategy Asia, HSBC Private Bank I Never Envisioned We Would Come To This Point Where Congress Couldn't Agree On Raising Debt Ceiling Or We'd Be In This Dire Situation Politically: Meredith Whitney, Head, Meredith Whitney Advisory Group AT A GLANCE BSE 18109.89 -204.44 NSE 5456.55 -60.25 TURNOVER Rs. 107,856 cr BSE CASH Rs. 2,402 cr NSE CASH Rs. 9,527 cr NSE F&O Rs. 95,926 cr BULLION GOLD 23413 +237 SILVER 59189 +1064 CRUDE NYMEX 102.25 -0.08 BRENT 117.7 +0.89 FOREX $ / Re 44.27 +0.2 £ / Re 72.032 +0.26 € / Re 63.122 +0.35 EVENTS 3 August Jet-Sahara Case At Bombay High Court SEBI-MCX Case At Bombay High Court 4 August DB-Etisalat Hearing At The Company Law Board 50 Top Corporate CEOs To Meet For A Second Round Of Discussions On The 'Future Global 100 Initiative', Mumbai Lokpal Bill To Be Introduced In Lok Sabha 5 August Bank Employees To Go On Nationwide Strike Decision On Vodafone-Essar FDI Issue GOM Meet With Finance Ministry To Finalise The Policy On Decontrolling Urea Prices 6 August Finance Minister Pranab Mukherjee To Meet SBI Board EXPERT VIEWS "They (U.S.) are living beyond their means and shifting a part of the weight of their problems to the world economy. They are living like parasites off the global economy and their monopoly of the dollar." Vladimir Putin Russian, Prime Minister "If the bond market is telling you that the economies of the Western world are weakening, but at the same time the stock market is still relatively high, I think the stock market is vulnerable...The politicians are all useless individuals. Nobody is reducing the problems in the U.S. or Europe, just putting on a band aid and postponing the problems endlessly." Marc Faber Editor & Publisher, The Gloom Boom & Doom Report "In the overall global scenario, when European recovery is fragile and U.S. recovery is uncertain, I don't think that 8.2% (projected growth) is disappointing. There are certain aspects which are positive like impressive export growth and a reduction in India's current account deficit." Pranab Mukherjee Finance Minister WATCH OUT Young Turks Dream Decade Meet Manish Khera of Financial Information Network and Operations (FINO) who is giving India's unbanked population a financial identity. On Young Turks Gets Real catch Saurabh Sharma of Milaap.org, an online micro lending platform. And on the YT Buzz we tell you about the India launch of the Start-up Leadership Programme. SHOW TIMINGS Wed 7:30pm